/raid1/www/Hosts/bankrupt/TCRAP_Public/130823.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 23, 2013, Vol. 16, No. 167
Headlines
A U S T R A L I A
BILLABONG INT'L: Takeovers Panel Rejects US$294-MM Rescue Plan
BP SHOPFITTING: Administrators Seek Buyers for Business & Assets
FLAMEPROOF ENG'G: Macquarie Gordon Seeks Expression of Interest
JR SIMPLOT: NSW Gov't. Offers Rescue Package to Chiko Roll Maker
C H I N A
CITIC PACIFIC: S&P Lowers CCR to 'BB'; Outlook Negative
WINSWAY COKING: Fitch Puts 'B' IDR on Rating Watch Negative
WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'CC'
I N D I A
AROMA CHEMICALS: CARE Assigns 'BB-' Rating to INR1.72cr LT Loan
BEST CAST: CARE Assigns 'BB' Rating to INR12.40cr Long-Term Loans
DEEP PLAST: CARE Assigns 'BB-' Rating to INR3.32cr LT Bank Loans
FAROUK SODAGAR: CARE Rates INR100cr LT Loans at 'CARE B+/CARE A4'
MEMBRANE FILTERS: CARE Assigns 'BB' Rating to INR11.93cr Loans
MODERN AUTOMOTIVE: CARE Reaffirms BB- Rating on INR46.62cr Loans
ROTOMOTIVE POWERDRIVES: CARE Puts 'BB-' Rating on INR9.9cr Loans
SWIFT WAREHOUSING: CARE Assigns 'BB+' Rating to INR10cr LT Loan
UTTRANCHAL PULP: CARE Rates INR5.96cr LT Bank Loans at 'B+'
VIRAAT FASHION: CARE Rates INR10cr Long-Term Bank Loans at 'B+'
J A P A N
TOKYO ELECTRIC: Cost to Insure Debt Soars on Back of Bad News
N E W Z E A L A N D
FIVE STAR: Shadow Director Gets Five-year Prison Sentence
RAKON LIMITED: To Liquidate Chinese Factory if Sale Plan Fails
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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BILLABONG INT'L: Takeovers Panel Rejects US$294-MM Rescue Plan
--------------------------------------------------------------
The Sydney Morning Herald reports that the Takeovers Panel has
labelled key terms around a US$294 million rescue package and
recapitalisation plan for struggling surfwear group Billabong
International as unacceptable, forcing a reworking of the proposal
by private equity group Altamont and its partners to get the deal
over the line.
SMH relates that Altamont and US investor giant Blackstone were
chided for three key planks of their capital injection and partial
takeover of Billabong and in particular the steep interest rates
flowing from the proposal, as high as 35 per cent, and a weighty
break fee that served to deter rival takeover bids.
The proposal had the effect of handing nearly 40 per cent of
Billabong to its private equity suitors, the report says.
SMH notes that in its findings handed down on August 21 the
Takeovers Panel, a peer review body that regulates corporate
control transactions and presides over takeover disputes, said a
$65 million break fee to be paid by Billabong to its private
equity white knight, Altamont, if it walked away from the deal was
akin to a "lock-up device".
The panel also found an interest rate of 35 per cent on the
proposed US$40 million convertible note for redeemable preference
shares and options served to coerce Billabong shareholders to
lodge a 'yes' vote, the report adds.
"The magnitude of the 35 per cent interest rate and the
circumstances under which it was payable amounted to a 'naked no
vote' break fee, which was likely to coerce Billabong shareholders
to approve the issue of a controlling interest in the company,"
the panel, as cited by SMH, said.
A third requirement that Billabong repay the entire US$294 million
loan plus 10 per cent of the principal plus interest in the event
of a change in control of the company in the first two years would
also deter rival takeover bids, SMH relays.
The panel said it had decided to declare the original Altamont
deal unacceptable despite the bridge facility and long-term
financing arrangements negotiated at a time when Billabong was
drowning in debt and urgently needed funds, the report adds.
The Sydney Morning Herald reported in April that the company's
path to redemption got tougher after the surfwear group downgraded
earnings guidance and said a AUD537 million loss for the half-year
put it in breach of debt covenants. The breach led its banks to
seek a secured charge over most of the business, SMH related.
Billabong, according to DealBook, has fallen on difficult times
because of changing consumer tastes and the financial crisis. It
has closed stores and sold assets as part of an effort to
restructure the company.
Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.
BP SHOPFITTING: Administrators Seek Buyers for Business & Assets
----------------------------------------------------------------
dissolve.com.au reports that JonesPartners is seeking expressions
of interest for the business and assets of BP Shopfitting Pty Ltd,
BP Shopfitting (VIC) Pty Ltd, BP Shopfitting Services Pty Ltd,
Global Procurement Solutions Pty Ltd, BP National Design Pty Ltd
and GPS Signage Pty Ltd. The companies appointed
Bruce Gleeson as administrator, the report says.
According to the report, the assets include stock, debtors and
plant as well as equipment situated in southeast Melbourne and
western Sydney. The businesses have contracts with key retail
customers.
The businesses are also strongly associated with foreign
suppliers. It has been said that it is likely for major staff to
be part of the sale, the report adds.
FLAMEPROOF ENG'G: Macquarie Gordon Seeks Expression of Interest
---------------------------------------------------------------
dissolve.com.au reports that Macquarie Gordon & Co is seeking
expressions of interest for the joint venture, equity
participation or purchase of Flameproof Engineering. The company
was placed in administration with Angus Carnegie Gordon as
administrator, the report says.
dissolve.com.au relates that the final buyer will be able to take
part of any of the mentioned opportunities around the explosive
and fire proofing manufacturer. The company assembles Ex Certified
electrical casings that include electrical circuits needed in
controlling units utilized in petroleum, gas and other hazardous
industry kinds and locations.
According to the report, the company has made use of its patented
products and certifications that remain in situ along with
specialised equipment and plant. It boasts of a team of workers
who are determined to serve current and new clientele, the report
says.
JR SIMPLOT: NSW Gov't. Offers Rescue Package to Chiko Roll Maker
----------------------------------------------------------------
Australian Associated Press reports that a multi-million dollar
rescue package has been offered to the makers of the Chiko Roll,
who are considering closing down the NSW factory where the greasy
treat is produced.
AAP relates that US company JR Simplot said it is reviewing the
viability of its three Australian operations because of
"competitive pressures" in food processing and manufacturing.
According to the report, the NSW government has offered a three-
year payroll tax break to the Bathurst factory where the uniquely
Australian snack is produced in the hope this will dissuade it
from closing the centre, which employs 195 people.
A spokesman for Mr. Stoner couldn't provide exact figures about
the rescue package but said it was "a pretty substantial amount
. . . in the millions of dollars range," the report says.
AAP notes that the money JR Simplot saves in payroll tax will be
used to "make operations at the plant a little more
environmentally cost effective".
This would involve, among other things, using renewable energy
where possible, the report relates.
AAP says Lean Cuisine, Edgell, Birds Eye, Leggo's and John West
products are also made at the Bathurst plant.
JR Simplot runs food processing operations at Kelso, near
Bathurst, and at Davenport in Tasmania.
The company is also examining whether it will keep these centres
going.
Mr. Stoner's spokesman believes the tax break will be accepted by
JR Simplot's board and the Chiko Roll will continue to be
produced, the report adds.
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C H I N A
=========
CITIC PACIFIC: S&P Lowers CCR to 'BB'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on CITIC Pacific Ltd. to 'BB' from 'BB+'. The
outlook is negative. S&P also lowered the rating on the company's
outstanding senior unsecured notes to 'BB' from 'BB+'. At the
same time, S&P lowered its long-term Greater China regional scale
rating on CITIC Pacific and the notes to 'cnBB+' from 'cnBBB'.
"We lowered the rating on CITIC Pacific because we believe the
company's "highly leveraged" financial risk profile is unlikely to
improve over the next 12-18 months," said Standard & Poor's credit
analyst Lawrence Lu. "Our view reflects delayed production at the
conglomerate's key iron-ore project and challenging conditions for
its core property development and special steel segments."
The business risk profile remains "fair." S&P has lowered the
stand-alone credit profile to 'b' from 'b+'.
S&P expects CITIC Pacific's total debt to rise in 2013 because
cash flow generation from its core businesses will likely remain
weak. In addition, the conglomerate may have to further increase
its borrowings to fund the remaining production lines at Sino-
Iron, an iron ore project in Western Australia. S&P estimates its
leverage, as measured by a ratio of total debt to total capital,
will increase to close to 60% from about 57% on June 30, 2013.
Leverage will likely remain at that level for the next 12-18
months, at least, until Sino-Iron makes a meaningful contribution
to cash flow.
The first two production lines for Sino-Iron will be commissioned
much more slowly than S&P originally expected. As a result, CITIC
Pacific is unlikely to fulfill its earlier commitment to produce 4
million tons of iron ore in 2013. A sustained delay in
commissioning the project has pushed up the total construction
costs and further weakened the project's economics. The
visibility of cash flow contribution from this project is low.
Sluggish demand growth for special steel and tightened government
measures to cool China's property development market could
undermine CITIC Pacific's financial performances for 2013. The
pressure could continue into 2014 as Chinese economic growth
moderates. The conglomerate's results for the first half of 2013
were broadly in line with S&P's expectation.
"In our base case, we expect CITIC Pacific's revenue to decrease
4%-5% year over year in 2013 to around Hong Kong dollar
(HK$) 90 billion, reflecting lower sales from its special steel
and property development from China. We expect the conglomerate's
EBITDA margin to remain flat. CITIC Pacific's cash flow adequacy
remains thin, with a likely ratio of funds from operations (FFO)
to total debt of about 3% and FFO interest coverage of about 1.5x
in 2013. These ratios are weaker than its peers'," S&P added.
"We assess the company's management and governance as "weak," as
our criteria define the term, reflecting management's poor track
record and the still uncertain prospect of bringing the Sino-Iron
project into operation on time and on budget," S&P noted.
The rating factors in strong parental support. In S&P's view,
CITIC Pacific is a strategically important subsidiary of CITIC
Group Corp. S&P believes timely and sufficient extraordinary
government support for CITIC Group could flow to CITIC Pacific--to
some extent. S&P has, therefore, factored in three notches of
parental support into the rating on CITIC Pacific. CITIC Group is
the controlling shareholder of CITIC Pacific, with a 57.51% stake,
and it has a track record of providing support to the company.
Although CITIC Pacific's varied businesses offer some
diversification benefits, iron ore, special steel, and property
development in China are exposed to the highly cyclical and
competitive nature of their industries and are susceptible to
volatile operating conditions. The company's ownership of some
good quality non-core assets offers it some financial flexibility.
CITIC Pacific has the willingness and track record of selling
assets to raise funds for capital expenditure and contingencies.
"The negative outlook reflects our view that the execution risk of
the Sino-Iron project will remain high and the operating
environment for CITIC Pacific's special steel and property
development will be challenging over the next 12 months.
Nevertheless, we believe the conglomerate will continue to receive
strong support from its parent, CITIC Group. In addition, it will
have good access to capital and the flexibility to monetize
investments," said Mr. Lu.
S&P may lower the rating if: (1) CITIC Pacific materially
increases spending at the Sino-Iron project to complete the
construction and enable the commissioning of the remaining four
production lines; (2) it believes the project will likely incur
losses because operating costs are higher than it expected; (3)
the conglomerate's FFO interest coverage drops to below 1.0x;
(4) its financial flexibility weakens due to a breach of debt
covenants or other reasons; or (5) in an unlikely scenario,
support from CITIC Group weakens.
In S&P's view, the rating upside potential is limited.
Nevertheless, S&P could change the rating outlook to stable if
visibility improves over Sino-Iron's cash flow contribution and
the company can stem the cash drains on the project or stabilize
its leverage and financial strengths. An indication of such an
improvement would be if its FFO interest coverage recovers to more
than 2.5x.
WINSWAY COKING: Fitch Puts 'B' IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed China-based Winsway Coking Coal Holdings
Limited's Issuer Default Rating and senior unsecured ratings of
'B' on Rating Watch Negative (RWN). This follows the announcement
by the company that it is publicly tendering an offer to buy back
its outstanding USD bonds due 2016 below par and, upon acceptance
at set minimum levels, amend certain covenants.
Key Rating Drivers
Bond buyback opportunistic: Fitch views Winsway's proposal to buy
back its 2016 bonds below par as an opportunistic move following a
significant drop in bond price over the past four months. Winsway
also proposes to solicit consent to remove some major bond
covenants, which limit debt capacity and require the coking coal
importer to apply asset disposal proceeds to repay these bonds.
Existing bondholders are being asked to voluntarily tender their
bonds, receiving either an immediate cash payment of 42.5% of par
plus a 2.5% consent solicitation fee, or an immediate cash payment
of 32.5% of par plus a 2.5% consent solicitation fee and cash
payment of 25% of par in April 2016. Under the terms of the
buyback, cash tenders will be accepted only if a minimum 50% of
bond amounts outstanding are tendered. If more than 50% of
bondholders (by value) tender, bond covenants will also be
amended. This will also materially impair bondholders that have
not tendered.
DDE if minimum bondholders tender: Fitch will treat the exchange
as a Distressed Debt Exchange (DDE) if bondholders tender their
bonds, to the minimum level of acceptances required to amend the
bond covenants. This is because a material change in terms would
be imposed, the group's existing cash resources may be utilised to
prepay the bonds below par, and all bondholders are stripped of
meaningful covenants, including the requirement to apply asset
disposal proceeds to repay the bond.
Under this scenario, upon announcement that minimum acceptances
have been received to trigger this tender, Fitch would downgrade
Winsway's IDR to 'C'. On confirmation of completion of this
exchange, Winsway's rating would be downgraded to 'restricted
default' (RD). Post-execution Fitch expects to rate the company
and its bonds based on the new capital structure, ranking of the
bonds within the group, its changed liquidity profile, and
solvency prospects.
DDE dependent on voting: The voluntary tender offer itself does
not constitute a DDE. Under Fitch's criteria a DDE has taken place
if both of the following apply: firstly, the restructuring imposes
a material reduction in terms compared with the bond's original
terms. Here, only if accepted by the required number of
bondholders, the less-than-par cash exchange and bond amendments
would constitute a material change in terms. Secondly, the
exchange is conducted to avoid bankruptcy or a traditional payment
default.
Fitch believes that the amendments to the bond covenants,
including a 10% debt/total asset cap, are being sought to avoid a
potential future default of the group's existing debt. This is
because expected continuous operational cash outflows mean Winsway
will either need to raise debt, which may trigger a default of
existing debt under the covenants, or need to deploy existing cash
resources, heightening the bonds' refinance risk in 2016.
The company reports that it had HKD1.79bn (USD230m) unrestricted
cash at hand as at June 30, 2013, compared with USD460.5 million
outstanding unsecured bonds maturing in April 2016. If
bondholders reject the tender, this cash could continue to be
available for debt repayment including 2016 bondholders, together
with covenants remaining in place. Fitch will then review
Winsway's liquidity and solvency prospects to assign appropriate
ratings.
Sluggish ASP weakens performance: China's high self-sufficiency in
coking coal makes imported coking coal a marginal market and
results in a highly volatile price environment. China's imported
coking coal made up less than 10% of total demand in 2012. The
country's strong coal production capacity, coupled with a weak
world steel market outside China - which saw production contract
by 2.2% for the 12 months to June 2013 - pushed the coking coal
market into a cyclical downtrend for the past 18 months.
Weakening average selling price (ASP) of coking coal across the
region has put Winsway's performance under immense pressure. The
company recorded a gross loss in H113, after its cash gross profit
fell to only HKD3/ton in 2012 from HKD250/ton it made on imported
coking coals in 2011. Fitch believes that Chinese continuing steel
consumption growth, as witnessed in the 7.4% growth in H113, will
support growing demand for coking coal in the long run, although
oversupply poses downward pressure on ASP.
Rating Sensitivities
Negative: Future developments that may, individually or
collectively, lead to negative rating actions include:
-- Success of the tender offer with sufficient existing holders
agreeing to tender their bonds, which will constitute DDE and
lead to a downgrade in the Issuer Default Rating to 'RD' and
in the bond rating to 'C';
-- Unsuccessful tender offering with acceptance from existing
holders falling below under the minimum levels, which will
lead to a review of the issuer's liquidity and solvency
prospects which could result in negative rating action.
WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Winsway Coking Coal Holdings
Ltd. to 'CC' from 'B'. The outlook is negative. At the same
time, S&P lowered the rating on the company's senior unsecured
notes to 'CC' from 'B-'.
S&P also lowered its long-term Greater China regional scale rating
on Winsway to 'cnCC' from 'cnB+' and on the notes to 'cnCC' from
'cnB'. Winsway is a China-based coking coal supply and logistics
provider.
"We downgraded Winsway because we view the company's recent tender
offer on its senior unsecured notes as constituting a "distressed
exchange" tantamount to an immediate default," said Standard &
Poor's credit analyst Huma Shi. The proposed offer represents a
substantial discount to the par amount (or face value) of the
outstanding issue. In addition, S&P believes Winsway's "highly
leveraged" financial risk profile is deteriorating due to
consecutive losses and very weak recovery prospects in the next 12
months.
Winsway has offered two alternatives under its tender offer:
(1) US$450 for every US$1,000 of the principal amount of the
outstanding notes; and (2) for holders who agree to retain 25% of
the ownership, US$350 for every US$1,000 of the 75% of the
principal amount of the outstanding notes. Winsway is also
seeking consent from bondholders to amend restrictive covenants
that would allow the company to significantly increase its
indebtedness and make restricted payments within larger
thresholds.
S&P has revised the business risk profile to "vulnerable" from
"weak" because of the company's weakened market position and
deteriorating operating performance.
S&P has revised Winsway's liquidity position to "weak" from "less
than adequate," as defined by its criteria. S&P expects the
company's sources of liquidity to cover its uses by less than 1x
in the next 12 months.
"The negative outlook reflects the likelihood that we will lower
the corporate credit rating to 'SD' (for selective default) and
the issue rating on the notes to 'D' if the proposed transaction
is completed," Said Ms. Shi. The tender offer settlement date is
due to occur on or around Sept. 24, 2013. Thereafter, S&P will
reassess Winsway's financial and liquidity position before
revising the ratings again, based on the amount of notes tendered.
If Winsway's tender offer is not completed or the company fails to
solicit consent from bondholders, S&P will reassess the company's
credit profile. However, S&P believes upside potential is limited
given: (1) Winsway's financial performance in the first half of
2013 was worse than S&P's base-case expectation; and (2) S&P's
view that its recovery prospects will be weak for the next six to
12 months.
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I N D I A
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AROMA CHEMICALS: CARE Assigns 'BB-' Rating to INR1.72cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Aroma Chemicals.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 1.72 CARE BB- Assigned
Long/Short-term Bank 18.00 CARE BB-/CARE A4
Facilities
The ratings assigned by CARE are based on capital deployed by the
partners and the financial strength of the firm at present. The
ratings may undergo a change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.
Rating Rationale
The ratings assigned to the bank facilities of Aroma Chemicals are
primarily constrained by its modest scale of operations and weak
financial risk profile marked by thin profitability margins,
highly leveraged capital structure and elongated operating cycle.
The ratings are further constrained by its presence in the highly
competitive menthol industry and vulnerability of profit margins
to fluctuations in raw material prices.
The above constraints are partially offset by the experience of
the partners in the menthol industry and favorable long-term
industry prospects.
ARC's ability to increase its scale of operations along with
increase in product portfolio and improve its overall financial
risk profile is the key rating sensitivity.
Aroma Chemicals is a partnership firm formed in 1998 by Mr. Suman
Kumar and his son Mr. Udit Mohan. On April 1, 2013, Ms. Manju
Agarwal has joined as the third partner of the firm. ARC
is engaged in manufacturing and trading of mentha oil and its
allied products such as menthol crystals, peppermint oil, mint
tarpeen etc which has applications in pharmaceutical,
confectionery, cosmetics and personal care industries. ARC's
manufacturing plant is located at Aghwanpur, Moradabad with an
overall installed capacity of 1,530 MTPA (Metric Ton Per Annum) as
on March 31, 2013. ARC derives 75-80% of its total income from
export markets such as countries like China, Singapore and Europe.
During FY12 (refers to the period April 1 to March 31), ARC
reported a total operating income of INR 39.33 crore (FY13 (prov)
-- INR 73.08 crore) and a PAT of INR 0.20 crore (FY13
(provisional) - INR 0.78 crore).
BEST CAST: CARE Assigns 'BB' Rating to INR12.40cr Long-Term Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB/CARE A4' ratings to the bank facilities of
Best Cast It Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 12.40 CARE BB Assigned
Short-term Bank Facilities 1.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Best Cast IT
Limited are constrained by its modest scale of operations with
high customer concentration risk, profitability margins
susceptible to volatility in the raw material prices, high
competition and reliance on the automobile sector. The above
constraints are partially offset by the experience of the
promoters in the forging industry, established relationships with
its customers and suppliers and financial profile marked by a
moderate capital structure and comfortable debt coverage
indicators.
The ability of the firm to increase its scale of operations with
improvement in profitability in light of competition will remain
the key rating sensitivity.
Best Cast IT Limited was incorporated in November 1974 by
Mr. Vasantha Kabirdass, Mr. Murali Kabirdass and Mr. Manohar
Kabirdass. The company is headed by Mr. Murali Kabirdass, who has
more than two decades of experience in the foundry industry. BCIL
is an ISO 9000 certified company and is engaged in the
manufacturing of aluminum gravity die castings for automobile,
electrical and general engineering companies. BCIL manufactures
aluminium die castings and has an overall installed capacity to
produce 2,200 MTPA (Metric Tonnes Per Annum).
The company's main raw materials include aluminium ingots which
are majorly procured domestically. During FY12 (refers to the
period April 1 to March 31), BCIL derived around 89% of its total
revenue from the domestic markets and rest from the international
markets such as USA, United Kingdom, Japan, France and Israel.
During FY12, BCIL reported a total operating income of INR61.17
crore and a PAT of INR1.88 crore as against a total operating
income and PAT of INR57.51 crore and INR1.14 crore, respectively
in FY11.
DEEP PLAST: CARE Assigns 'BB-' Rating to INR3.32cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Deep Plast Industries.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 3.32 CARE BB- Assigned
Short-term Bank Facilities 3.90 CARE A4 Assigned
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of the withdrawal of
capital or the unsecured loans brought in by partners in addition
to the financial performance and other relevant factors.
Rating Rationale
The ratings assigned to the bank facilities of Deep Plast
Industries are primarily constrained on account of its modest
scale of operations in the highly competitive and fragmented
masterbatch industry and its weak financial risk profile as
characterized by the modest and fluctuating profit margins,
leveraged capital structure and moderate debt coverage indicators.
The ratings are also constrained on account of the vulnerability
of profits to fluctuation in raw material prices and foreign
exchange rates.
The ratings, however, derive the benefits from the established
operational track record and experience of the partners in the
manufacturing of masterbatches.
The ability of DPI to increase its scale of operations amidst high
competition prevailing in the masterbatch industry along with an
improvement in profitability and capital structure are the key
rating sensitivities.
Established in 1998 as a partnership firm, DPI is engaged in the
manufacturing of masterbatch which finds applications
predominantly in the plastic and packaging industries. The firm
was setup by Mr. Rameshbhai Patel and his wife Ms Ashaben Patel
having an equal profit sharing ratio.
The masterbatch manufactured by the firm are compatible with all
the type of plastic polymers and plastic manufacturing processes.
DPI's plant is located in Santej, Gujarat having an installed
capacity of 5,000 metric tonnes per annum (MTPA) as on March 31,
2013.
As per the provisional results for FY13 (refers to the period
April 1 to March 31), DPI reported a total operating income of
INR40.02 crore (FY12: INR27.52 crore) and a Profit before Tax of
INR0.59 crore (FY12: INR0.47 crore)
FAROUK SODAGAR: CARE Rates INR100cr LT Loans at 'CARE B+/CARE A4'
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Farouk Sodagar Darvesh & Company Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long/Short-term Bank 100 CARE B+/CARE A4
Facilities Assigned
Rating Rationale
The ratings assigned to the bank facilities of Farouk Sodagar
Darvesh & Company Private Limited are constrained due to exposure
to volatility in prices of traded goods and foreign exchange
rates, high overall gearing, receivable risk on account of
elongated collection period and susceptibility of business to
downturn in the real estate sector.
The ratings, however, derive strength on account of the experience
of the promoters and welle stablished relations with the customers
and suppliers.
The ability of the company to manage growth and working capital
requirements as planned remain the key rating sensitivities.
Farouk Sodagar Darvesh & Company Private Limited, formed in 1974
(as a partnership firm and later converted into a private limited
company in 2008), is engaged in the trading of timber and steel
products, and belongs to the Darvesh family. The Darvesh family is
in the trading of timber products across four generations since
1909. FSDCPL generally trades in timber and timber products like
plywood, blockboards, etc. The timber products traded by FSDCPL
have applications in residential apartments, commercial spaces,
modular kitchens, freight containers and other construction works.
FSDCPL imports all of its timber requirements from countries like
Burma, Africa, Malaysia, Chile, New Zealand, Canada, etc.
In 2005, the company started trading in steel construction
materials, namely, Steel bars, M.S. Angles, Structures, Binding
Wires, M.S. Plates and M.S. Pipes, having applications in the
construction of different kinds of horizontal and vertical
concrete framework i.e. buildings, bridges, beams, flyovers,
pillars, slabs, etc. All purchases for the steel business are
procured locally.
During FY12, the company earned an income of INR132.85 crore and
reported a profit of INR1.59 crore as compared with total income
of INR196.04 crore and a profit of INR1.85 crore in FY11.
Moreover, the company reported a total income of INR85.64 crore
and a profit before tax of INR2.30 crore during FY13 (provisional)
as per the financials submitted to CARE.
MEMBRANE FILTERS: CARE Assigns 'BB' Rating to INR11.93cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Membrane Filters (India) Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 11.93 CARE BB Assigned
Short-term Bank Facilities 11.30 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Membrane Filters
(India) Private Limited are constrained by the stretched liquidity
position marked by long working capital cycle and relatively small
scale of operations. The ratings are further constrained by the
high customer concentration risk and currency fluctuation risk.
The above constraints outweigh the benefits derived from the long
track record and experienced promoters along with a reputed client
base supported by a reasonable order book.
The ability of the company to increase its scale of operations and
timely execution of the projectsare the key rating sensitivities.
Incorporated in the year 2000, Membrane Filters India Private
Limited is promoted by Mr. Subhash Devi and his wife, Ms Pratibha
Devi. MFIPL is engaged in the manufacturing of Ultra Filtration
Membrane (UFM) employing the ultra filtration technology that was
developed by the Council of Scientific and Industrial Research
(CSIR); a Pune-based National Chemical Laboratory (NCL). The
company assembles various variants of water purifiers for
households, industries and public use. However, MFIPL primarily
caters to the government and institutional sectors. The company is
executing a project in Bihar worth INR157 crore in a JV with
Pratibha Industries Limited having a 49% share in the project. The
manufacturing facility of the company is located near Pune in
Shivapur, with a total installed capacity of manufacturing 6,000
units per annum.
During FY13 (refers to the period April 1 to March 31), the
company reported a PAT of INR4.18 crore on a total operating
income of INR22.95 crore as compared with a PAT of INR5.90 crore
over a total operating income of INR29.81 crore in FY12.
MODERN AUTOMOTIVE: CARE Reaffirms BB- Rating on INR46.62cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Modern Automotive Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 46.62 CARE BB- Reaffirmed
Short-term Bank Facilities 0.75 CARE A4 Reaffirmed
Rating Rationale
The ratings of the bank facilities of Modern Automotives Limited
continue to be constrained by its small scale of operations,
customer concentration risk and project implementation and
stabilization risk associated with the ongoing expansion project.
The ratings are further constrained by the expected deterioration
in capital structure of the company coupled with subdued industry
scenario in near term.
The ratings, however, continue to favorably take into account the
entrepreneurial experience of the promoters coupled with
demonstrated funding support. The ratings further find support
from the modest financial risk profile and MAL's backward
integration resulting into assured supply of raw material.
The ability of the company to profitably scale up the operations
along with completion of the ongoing debt-funded project within
the envisaged time and cost parameters shall remain the key
rating sensitivities.
Incorporated in February 2005, Modern Automotives Ltd was promoted
by Mr. Krishna Goyal. MAL is engaged in the manufacturing of
forged products and machined automotive components viz crank
shafts, connecting rod, gears, bells & tulip and started
commercial operations in FY07 (refers to the period April 1 to
March 31). The manufacturing facilities of the company are located
at Mandi Gobindgarh, Punjab and Bengaluru, Karnataka, with a
combined total installed capacity of 5.8 million units per annum
as at March 31, 2013. MAL is a part of the Modern Group which has
presence in the specialty steel and IT & BPO services. Modern
Steels Ltd (MSL) is the flagship company of the group with a total
operating income of INR274 crore during FY13.
ROTOMOTIVE POWERDRIVES: CARE Puts 'BB-' Rating on INR9.9cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Rotomotive Powerdrives India Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 9.90 CARE BB- Assigned
Long-term/Short-term Bank 14.50 CARE BB-/CARE A4
Facilities Assigned
Short-term Bank Facilities 8.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Rotomotive
Powerdrives India Limited are primarily constrained on account of
its modest scale of operations with almost stable turnover
during the last three years ending FY13 (refers to the period
April 1 to March 31), weak financial risk profile as characterized
by the leveraged capital structure and weak debt coverage
indicators.
The ratings are also constrained on account of its working capital
intensive nature of operations with the elongated working capital
cycle, vulnerability of profits to fluctuation in the raw material
prices and foreign exchange rates and competition from the
organized and unorganized sector.
The ratings, however, derive the benefits from the long track
record of the promoters in the electric motor industry,
diversified clientele base and benefits on account of
technological tie-up with the joint venture partner, Motive SRL.
The ability of RPIL to increase its scale of operations through
optimum utilization of its recently added manufacturing capacities
along with an improvement in its profitability through effective
management of the working capital are the key rating
sensitivities.
Incorporated in 2006 as a private limited company, RPIL is engaged
in the business of manufacturing of electric motors and gear
boxes. RPIL is a joint venture between Anand-based (Gujarat)
Rotomag Motors and Controls Pvt Ltd and Motive SRL, Italy (Motive)
holding 51% and 49% stakes, respectively. RMCPL, incorporated in
1993, is engaged in the manufacturing
of direct control motors that are sold to original equipment
manufacturers (OEM) in India, Europe and the US. Motive,
incorporated in 2001, manufactures electric motors and gear boxes
and has operations in 25 countries across the globe. RPIL's plant
is located in Anand, having a total installed capacity of 20,000
pieces of motors or gearboxes per month as on April 30, 2013.
As per the provisional results for FY13, RIPL reported a total
operating income of INR44.79 crore (FY12: INR43.96 crore) and a
Profit after Tax of INR1.22 crore (FY12: INR1.37 crore).
SWIFT WAREHOUSING: CARE Assigns 'BB+' Rating to INR10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Swift
Warehousing.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10 CARE BB+ Assigned
Rating Rationale
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.
The rating assigned to the bank facilities of Swift Warehousing is
constrained primarily due to the shorter tenure of the ongoing
lease agreement as against the loan tenure of 10 years and
inherent risk associated with the termination of lease agreement
after expiry of lock-in period.
Although the lease rental is deposited in the designated account,
non-creation of stipulated escrow arrangement for ring-fencing of
lease rentals also constrains the rating.
The rating, however, favorably takes into consideration the vast
experience of the partners, their resourcefulness and low credit
risk of its lessee, Hindustan Coca Cola Beverages Pvt Ltd.
The ability of the firm to continue the ongoing lease agreement
and renew it in the future at favorable rates would be the key
rating sensitivity. Also, timely receipt of lease rentals would be
crucial from the credit perspective.
Incorporated in 2006 as a partnership firm by the Savla family
based in Ahmedabad (Gujarat), SWH is engaged in the business of
leasing warehouse properties. SWH has two properties, one at
Aslali (Dist: Ahmedabad, Gujarat) which has been leased out to VRL
Logistics Limited and the other at Kazipura village (Dist: Kheda,
Gujarat) which has been leased out to HCCBPL.
During FY13 (refers to the period April 1 to March 31), SWH
purchased the property at Kazipura for INR14.95 crore which was
funded through a debt of INR10 crore and remaining through
partner's contribution.
Based on provisional results for FY13, SWH registered a total
operating income of INR0.65 crore (PY: INR0.47 crore) with a PAT
of INR0.29 crore (PY: INR0.35 crore).
UTTRANCHAL PULP: CARE Rates INR5.96cr LT Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Uttranchal
Pulp & Paper Mills Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 5.96 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Uttranchal Pulp &
Paper Mills Pvt Ltd is constrained by its small scale of
operations with low profitability margins, capital intensive
operations with moderately high power consumption levels,
volatility in the raw material prices, stiff competition due to
the fragmented nature of the industry, working capital intensive
nature of business and high gearing levels. The aforesaid
constraints are partially offset by the experience of the promoter
and stable demand indicators from the end-user industry.
The ability to increase its scale of operations and profitability
margin and ability to manage the working capital effectively are
the key rating sensitivities.
Uttranchal Pulp & Paper Mills Pvt Ltd, incorporated on May 22,
2006, was promoted by the Tyagi family of Uttarakhand, with
Mr. Naveen Kumar Tyagi, Mr. Dharmender Kumar Tyagi and Mr.
Virendra Kumar Tyagi of Uttarakhand being the main promoters. The
company commenced operations in June 2008. UPPL is engaged in the
manufacturing of Kraft paper at its plant located at Haridwar with
a current installed capacity of 21,000 metric tonne per annum
(MTPA). UPPL undertook a capacity expansion at its existing unit.
The expanded unit became operational in September 2011, thereby
increasing the installed capacity from 9,000 to 21,000 MTPA.
As per the audited results of FY12 (refers to the period April 1
to March 31), UPPL reported a PAT INR0.5 crore (Rs.0.5 crore in
FY11), on a total income of INR23.5 crore (Rs.17.3 crore in FY11).
Furthermore, during FY13 (provisional), the company has achieved a
net sales of about INR42.4 crore.
VIRAAT FASHION: CARE Rates INR10cr Long-Term Bank Loans at 'B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Viraat
Fashion.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10 CARE B+ Assigned
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.
Rating Rationale
The rating assigned to the bank facilities of Viraat Fashion is
constrained by inherent project execution risk with majority of
cost yet to be incurred, operations in the highly fragmented
industry with high competition from organized and unorganized
sector, susceptibility to volatile raw material prices and foreign
exchange fluctuation risk. The rating factors in the benefit
derived from the promoters experience in the textile industry.
The ability of VF to successfully complete the project within
envisaged time & cost and achieve the envisaged sales and
profitability are the key rating sensitivities.
Established in the year 2012, Viraat Fashion is setting up linen
fabric (suiting, shirting and furnishing) manufacturing plant with
an installed capacity of 1,080,000 meters per annum (MPA) at
Khadodra, Surat (Gujarat). The total cost of the project is
estimated to be INR9.48 crore, proposed to be funded through
promoter's contribution in the form of capital of INR3 crore,
unsecured loan of INR0.48 crore from related parties and the
balance through term loan of INR6 crore. As on June 30,
2013; the firm has spent INR1.13 crore (12% of total project cost)
which was funded through promoter's contribution
=========
J A P A N
=========
TOKYO ELECTRIC: Cost to Insure Debt Soars on Back of Bad News
-------------------------------------------------------------
Monami Yui and Emi Urabe at Bloomberg News report that the bond
risk for Tokyo Electric Power Co., from whose stricken Fukushima
nuclear plant highly radioactive water is flowing into the sea,
surged the most since June on concern delays in getting reactors
started at another atomic plant will spoil its loans.
The cost to insure the debt of Tepco surged 20 basis points to 272
basis points last week, the steepest five-day climb in two months,
Bloomberg relates citing data provider CMA. Japan's benchmark for
credit risk rose 2 to 95 last week, while the credit-default swaps
of U.S. investment-grade utilities increased 1 to 78, says
Bloomberg.
According to Bloomberg, Tepco is at least four months behind
schedule in restarting its seven-reactor Kashiwazaki-Kariwa
nuclear plant, the world's biggest, in large part because of
political opposition. Its case was further weakened after
revelations that about 300 tons of radioactive water had leaked
from a storage tank at Fukushima. The utility told lenders this
month it would need to raise power prices as much as 10 percent
next year to avoid a third straight year of pretax losses, a
document obtained by Bloomberg News showed. Tepco pledged to earn
a profit to get a JPY580 billion ($5.95 billion) loan this year,
Bloomberg discloses.
"There is no reason why we can be bullish on Tepco's credit amid
the negative news flow," Bloomberg quotes Mana Nakazora, chief
credit analyst in Tokyo at BNP Paribas SA, which is one of the 23
primary dealers obliged to bid at government debt auctions, as
saying. "The losses will widen if it keeps delaying the restart
while struggling to raise rates. Considering that banks have their
own shareholders, I can't assure you that they will continue to
lend."
Bloomberg adds that the reactors at Kashiwazaki-Kariwa in Niigata
Prefecture have a total installed capacity of 8.2 gigawatts,
almost 18 percent of the country's entire functioning nuclear
fleet and enough power to supply about 2.7 million households.
Tepco, Japan's biggest utility, faces an October deadline to
refinance an JPY80 billion syndicated loan arranged by Sumitomo
Mitsui Banking Corp, the report says.
The company is also seeking to roll over JPY200 billion in
borrowings and get a new loan worth JPY300 billion in December
from 10 lenders, which include Sumitomo Mitsui, Development Bank
of Japan, Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd.,
trust banks and insurance companies, according to Bloomberg News.
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.
Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.
Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station. Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.
====================
N E W Z E A L A N D
====================
FIVE STAR: Shadow Director Gets Five-year Prison Sentence
---------------------------------------------------------
Stuff.co.nz reports that investors who lost millions in the
collapse of Five Star Finance have welcomed the five-year prison
sentence handed out to the "shadow director" at the heart of the
failed finance company.
Neill Williams pleaded guilty in June, part-way through his trial,
to two charges of theft brought by the Serious Fraud Office (SFO)
relating to the operation of Five Star Finance and its
subsidiaries, according to the report.
Stuff.co.nz relates that Mr. Williams was sentenced in the
High Court in Auckland to five years' jail, to be served
concurrently with the three years and seven months handed out
after prosecution by the Financial Markets Authority in April.
That means he will serve an extra one year and five months in
jail, the report says.
Investor Les Sweetman, who attended the hearing, said people who
lost money felt "betrayed" by Mr. Williams and Five Star's
directors, relates Stuff.co.nz.
According to Stuff.co.nz, Mr. Sweetman said he was pleased the
judge had handed down a longer sentence than the Crown was
seeking, but he would have preferred more.
"We'd all like to have seen it to be longer, given the deliberate
greed and deception," the report quotes Mr. Sweetman as saying.
About Five Star Finance
Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.
Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.
Five Star Finance Limited went into receivership on September 5,
2007. Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007. At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post. The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.
RAKON LIMITED: To Liquidate Chinese Factory if Sale Plan Fails
--------------------------------------------------------------
Pam Graham at BusinessDesk reports that Rakon Limited will
liquidate its two-year-old Chinese factory if a plan to sell it
does not go through.
BusinessDesk says Shenzhen Stock Exchange-listed ZheJiang East
Crystal Electronic Co is buying 80 percent of Rakon Crystal
(Chengdu) Co for US$18.8 million.
Rakon, which will retain a 5.4 percent holding in a venture with
the buyer through several layers of holding companies, is taking a
$32 million impairment on the deal but will use the proceeds to
reduce debt, BusinessDesk relates.
According to BusinessDesk, a report by Grant Samuel on the
transaction reveals the company is forecasting RCC will make a
$5.5 million loss in the year to March 31, 2014, compared to a
$5.7 million loss in 2013 even though sales rise to $17.7 million
from $12 million in 2013.
BusinessDesk says Rakon expanded boldly into China in 2009 and has
a factory in Chengdu but the venture reported a loss of
$2.8 million in 2013 compared to the $6.3 million profit forecast
by management as adverse currency rates eroded margins.
BusinessDesk relates Grant Samuel said margins have improved in
New Zealand dollar terms compared to 2013 due to favorable
currency movements and production efficiencies. But capital
expenditure at the facility has effectively been halted and it is
only 20 percent utilized, the report adds.
Rakon Limited (NZE:RAK) -- http://www.rakon.com/-- is engaged
development and production of high performance quartz products and
crystal components.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AACL HOLDINGS LT AAY 39.61 -4.66
AAT CORP LTD AAT 32.50 -13.46
ANAECO LTD ANQ 12.09 -16.38
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BECTON PROPERTY BEC 267.47 -15.73
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 28.67 -8.42
CWH RESOURCES LT CWH 12.09 -1.29
HAOMA MINING NL HAO 23.85 -33.70
LANEWAY RESOURCE LNY 10.84 -11.48
MACQUARIE ATLAS MQA 1,643.35 -1,018.17
MISSION NEWENER MBT 10.95 -25.02
NATURAL FUEL LTD NFL 19.38 -121.51
QUICKFLIX LTD QFX 15.84 -1.91
REDBANK ENERGY L AEJ 295.35 -13.08
RENISON CONSO-PP RSNCL 10.84 -11.48
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 60.12 -61.63
STERLING PLANTAT SBI 37.84 -10.78
TZ LTD TZL 26.01 -1.69
CHINA
ANHUI GUOTONG-A 600444 73.14 -9.75
ATLANTIC NAVIGAT ATL 89.78 -6.98
CHANG JIANG-A 520 818.55 -122.68
CHENGDU UNION-A 693 24.18 -30.53
CHINA KEJIAN-A 35 49.24 -299.06
CHINA OILFIELD T COT 18.84 -19.88
HEBEI BAOSHUO -A 600155 101.91 -102.90
HUASU HOLDINGS-A 509 73.01 -35.36
HULUDAO ZINC-A 751 471.13 -546.12
HUNAN TIANYI-A 908 58.94 -11.50
JIANGSU ZHONGDA 600074 351.03 -9.74
JILIN PHARMACE-A 545 32.98 -6.85
QINGDAO YELLOW 600579 139.12 -58.98
SHENZ CHINA BI-A 17 26.30 -279.51
SHENZ CHINA BI-B 200017 26.30 -279.51
SHENZ INTL ENT-A 56 334.77 -70.20
SHENZ INTL ENT-B 200056 334.77 -70.20
SHIJIAZHUANG D-A 958 212.89 -118.63
TAIYUAN TIANLO-A 600234 63.16 -15.00
WUHAN BOILER-B 200770 214.39 -201.83
WUHAN XIANGLON-A 600769 83.73 -85.75
XIAN HONGSHENG-A 600817 138.05 -60.58
HONG KONG
ASIA COAL LTD 835 20.37 -11.89
BIRMINGHAM INTER 2309 63.14 -6.89
BUILDMORE INTL 108 16.89 -47.61
CELEBRATE INTERN 8212 17.15 -3.56
CHINA E-LEARNING 8055 22.22 -2.95
CHINA HEALTHCARE 673 32.51 -25.02
CHINA OCEAN SHIP 651 339.71 -56.14
CHINA ORIENTAL 2371 14.94 -1.53
EFORCE HLDGS LTD 943 63.68 -4.62
FU JI FOOD & CAT 1175 26.40 -153.32
GRANDE HLDG 186 255.10 -208.18
HAO WEN HOLDINGS 8019 20.40 -0.60
ICUBE TECHNOLOGY 139 20.70 -4.03
MASCOTTE HLDGS 136 176.50 -142.02
MELCOLOT LTD 8198 13.19 -28.51
PALADIN LTD 495 162.31 -3.89
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 38.67 -23.83
SURFACE MOUNT SMT 32.88 -10.68
TLT LOTTOTAINMEN 8022 20.48 -3.75
U-RIGHT INTL HLD 627 16.58 -204.32
INDONESIA
APAC CITRA CENT MYTX 187.16 -6.32
ARPENI PRATAMA APOL 416.73 -206.52
ASIA PACIFIC POLY 410.59 -809.94
ICTSI JASA PRIMA KARW 56.78 -1.30
MATAHARI DEPT LPPF 232.55 -190.10
PANCA WIRATAMA PWSI 28.67 -35.63
PERMATA PRIMA SA TKGA 10.70 -1.55
RENUKA COALINDO SQMI 14.81 -1.35
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 11.81 -10.16
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
BELLARY STEELS BSAL 451.68 -108.50
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 13.22 -9.70
GANESH BENZOPLST GBP 43.90 -18.27
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUJARAT STATE FI GSF 10.26 -303.64
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 123.83 -517.57
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JAGJANANI TEXTIL JAGT 10.69 -1.88
JCT ELECTRONICS JCTE 88.67 -72.23
JENSON & NIC LTD JN 16.65 -75.51
JOG ENGINEERING VMJ 50.08 -10.08
JYOTHY CONSUMER JYOC 69.07 -31.72
KALYANPUR CEMENT KCEM 24.64 -38.69
KANCO ENTERPRISE KANE 10.59 -4.93
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
KM SUGAR MILLS KMSM 19.14 -0.47
LLOYDS FINANCE LYDF 14.71 -10.46
LML LTD LML 50.66 -70.76
MADRAS FERTILIZE MDF 158.91 -64.91
MAHA RASHTRA APE MHAC 22.23 -15.85
MALWA COTTON MCSM 44.14 -24.79
MARKSANS PHARMA MRKS 76.23 -31.89
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MYSORE PAPER MSPM 87.99 -8.12
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 71.84 -4.91
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARAMOUNT COMM PRMC 124.96 -0.52
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 53.74 -5.62
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 150.43 -137.48
QUINTEGRA SOLUTI QSL 16.76 -17.45
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE BROADCA RBN 86.71 -0.35
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 14.42 -73.93
SADHANA NITRO SNC 16.74 -0.58
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.75 -13.35
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SITI CABLE NETWO SCNL 110.69 -14.26
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STATE TRADING CO STC 1,279.23 -219.37
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA METALIKS TML 156.70 -5.36
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 20.12 -24.62
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
UTTAM VALUE STEE UVSL 510.00 -48.98
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
FLIGHT SYS CONSU 3753 10.10 -2.62
HARAKOSAN CO 8894 187.50 -1.90
HIMAWARI HD 8738 251.56 -42.26
INDEX CORP 4835 227.23 -15.54
MISONOZA THEATRI 9664 56.72 -4.80
PROPERST CO LTD 3236 140.82 -353.70
TAIYO BUSSAN KAI 9941 142.90 -0.41
WORLD LOGI CO 9378 34.44 -71.60
KOREA
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
ROCKET ELEC-PFD 425 111.09 -0.42
ROCKET ELECTRIC 420 111.09 -0.42
SHINIL ENG CO 14350 199.04 -2.53
SSANGYONG ENGINE 12650 1,231.13 -119.47
TEC & CO 8900 139.98 -16.61
WOONGJIN HOLDING 16880 2,197.34 -635.50
MALAYSIA
HO HUP CONSTR CO HO 54.37 -16.70
LFE CORP BHD LFE 39.65 -0.70
PUNCAK NIA HLD B PNH 4,400.41 -24.59
VTI VINTAGE BHD VTI 17.74 -3.63
NEW ZEALAND
NZF GROUP LTD NZF 11.69 -4.60
PULSE UTILITIES PLU 14.58 -4.84
PHILIPPINES
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
UNIWIDE HOLDINGS UW 50.36 -57.19
SINGAPORE
ADVANCE SCT LTD ASCT 48.74 -2.27
HL GLOBAL ENTERP HLGE 83.11 -4.63
SCIGEN LTD-CUFS SIE 68.70 -42.35
TT INTERNATIONAL TTI 227.86 -88.73
ZHONGXIN FRUIT NLH 19.34 -5.25
THAILAND
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
M LINK ASIA CORP MLINK 83.61 -7.85
M LINK ASIA-FOR MLINK/F 83.61 -7.85
M LINK ASIA-NVDR MLINK-R 83.61 -7.85
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
SHUN THAI RUBBER STHAI 19.89 -0.59
SHUN THAI RUBB-F STHAI/F 19.89 -0.59
SHUN THAI RUBB-N STHAI-R 19.89 -0.59
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TAIWAN
BEHAVIOR TECH CO 2341S 30.90 -0.22
BEHAVIOR TECH-EC 2341O 30.90 -0.22
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
IDM INTERNATIONA IDM 30.99 -23.62
POWERCHIP SEM-EC 5346S 2,036.01 -52.74
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***